A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs for eligible veterans, active-duty service members, and some surviving spouses. It typically offers no down payment, no monthly mortgage insurance, and competitive interest rates.

Do VA loans require a down payment?

Most VA purchase loans do not require a down payment as long as the purchase price does not exceed the appraised value and you have sufficient remaining entitlement. A down payment may be required if you have partial entitlement or are buying above local limits.

Do I have to pay the VA funding fee?

Most borrowers pay a one-time VA funding fee, which can be financed into the loan. However, veterans with a qualifying service-connected disability rating, certain surviving spouses, and some other categories may be exempt. Exemption is documented on your Certificate of Eligibility (COE).

Can I use a VA loan more than once?

Yes. You can use your VA loan benefit multiple times as long as you have remaining entitlement and meet credit and income requirements. Entitlement can be restored after selling a home and paying off the VA loan, or in some cases with a one-time restoration while keeping the home.

Does this calculator determine my official VA eligibility?

No. This calculator estimates payments, funding fees, and rough entitlement usage based on your inputs. Official eligibility and entitlement are determined by the VA and documented on your Certificate of Eligibility (COE). Always confirm details with your lender or the VA.

VA Loan Calculator

Estimate your VA mortgage payment, funding fee, and entitlement usage. Built for veterans, active-duty, Guard, and Reserve borrowers.

VA Loan Inputs

Home price ($)

Down payment ($)

or %

Interest rate (APR %)

Loan term (years)

Annual property tax ($)

Annual homeowners insurance ($)

Monthly HOA dues ($)

Service type

VA usage

Funding fee exemption

Not exempt Exempt

Exempt borrowers (e.g., with qualifying disability rating) do not pay the VA funding fee.

Entitlement & affordability (optional)

County loan limit ($)

Enter your local conforming loan limit (or leave default). VA no longer has a hard cap for borrowers with full entitlement, but limits still matter with partial entitlement.

Monthly gross income ($)

Other monthly debts ($)

Include car loans, credit cards, student loans, etc.

Target max DTI (%)

41% is a common VA guideline, but approvals can vary.

Results

Monthly payment

Estimated total monthly housing payment

Principal & interest:: $0
Property tax:: $0
Homeowners insurance:: $0
HOA dues:: $0

Loan & funding fee

Base loan amount:: $0
Funding fee rate:: 0%
Funding fee amount:: $0
Total VA loan amount:: $0

Debt-to-income & affordability

Back-end DTI with this loan:: 0%
Target max DTI:: 41%
Estimated max monthly housing at target DTI:: $0
Estimated max home price (at target DTI):: $0

These are rough estimates. Lenders may approve higher or lower amounts based on full underwriting.

Entitlement usage (simplified)

County loan limit:: $0
VA guaranty (25% of limit):: $0
Estimated guaranty used (25% of loan):: $0
Estimated remaining entitlement:: $0

Actual entitlement and remaining benefit are determined by the VA and shown on your Certificate of Eligibility (COE).

How this VA loan calculator works

This tool is designed to mirror how lenders underwrite VA loans while staying simple enough to use in seconds. It estimates:

Base VA loan amount (after any down payment)
VA funding fee rate and dollar amount
Total financed loan amount (including funding fee)
Principal & interest payment using a standard amortization formula
Full monthly housing payment (P&I + taxes + insurance + HOA)
Debt-to-income (DTI) ratio and rough maximum affordable home price
Simplified VA entitlement usage and remaining entitlement

1. VA funding fee rates used in this calculator

The VA funding fee is a one-time charge that most borrowers pay. It can be financed into the loan. Actual rates are set by law and can change; this calculator uses commonly used current rates for purchase loans:

Service type	Usage	Down payment	Funding fee (approx.)
Regular military	First use	< 5%	2.15%
Regular military	First use	5%–9.99%	1.50%
Regular military	First use	≥ 10%	1.25%
Regular military	Subsequent use	< 5%	3.30%
Guard / Reserve	First use	< 5%	2.40%
Guard / Reserve	Subsequent use	< 5%	3.30%

If you select “Exempt”, the calculator sets the funding fee to 0%.

2. Monthly payment formula

VA loans are typically fully amortizing fixed-rate mortgages. The principal and interest payment is calculated using the standard formula:

Let:

L = total loan amount (including funding fee)
r = monthly interest rate = APR / 12 / 100
n = total number of payments = years × 12

Then the monthly principal & interest payment is:

\[ P = L \times \frac{r(1+r)^n}{(1+r)^n - 1} \]

The calculator then adds:

Monthly property tax = annual tax ÷ 12
Monthly insurance = annual premium ÷ 12
HOA dues (as entered)

3. Debt-to-income (DTI) and max home price

The VA looks at your total monthly debt payments relative to your gross income. This calculator estimates:

Back-end DTI = (other debts + total housing payment) ÷ gross income
Max housing payment at your target DTI: \[ \text{Max housing} = \text{Target DTI} \times \text{Income} - \text{Other debts} \]

To estimate a maximum home price, we reverse the payment formula numerically, assuming your current tax, insurance, and HOA levels. This is an approximation; lenders may approve more or less depending on your full profile and residual income.

4. Entitlement usage (simplified)

For borrowers with partial entitlement, the VA generally guarantees up to 25% of the county loan limit. This calculator shows:

Full entitlement (guaranty) ≈ 25% of county loan limit
Guaranty used ≈ 25% of your total loan amount
Remaining entitlement = full entitlement − guaranty used (not less than zero)

This is a teaching tool only. Actual entitlement is determined by the VA and may reflect prior loans, assumptions, and other factors.

VA loan basics

Who is eligible for a VA loan?

Eligibility is based on your service history and discharge status. In general, you may qualify if you are:

An active-duty service member with sufficient service time
A veteran who meets minimum active-duty service requirements
A current or former member of the National Guard or Reserves with qualifying service
An eligible surviving spouse of a service member or veteran

Your official status is documented on a Certificate of Eligibility (COE), which your lender can usually obtain electronically.

Key advantages of VA loans

No down payment in many cases
No monthly mortgage insurance (no PMI)
Competitive interest rates
Flexible credit guidelines compared with many conventional loans
Limits on certain closing costs and fees
Assumable by qualified buyers in some cases

When a down payment may be required

You might need a down payment if:

You have partial entitlement because of an existing VA loan
You are buying a home above your effective entitlement and local limits
The purchase price is higher than the appraised value

This calculator helps you see how a larger down payment reduces the funding fee and monthly payment.

Frequently asked questions about VA loans

Is this calculator an official VA tool?

No. This is an independent educational calculator. It is not affiliated with the U.S. Department of Veterans Affairs, and it does not determine official eligibility, entitlement, or underwriting decisions.

Does the VA set my interest rate?

No. The VA guarantees a portion of the loan but does not set interest rates. Rates are set by lenders and depend on market conditions, your credit profile, loan term, and other factors.

Can I roll closing costs into a VA loan?

You can usually finance the VA funding fee into the loan. Other closing costs are typically paid at closing, though sellers can contribute toward them within VA limits. This calculator focuses on the funding fee and monthly payment, not every possible closing cost.

What should I do next?

Use this calculator to explore different prices, rates, and down payments.
Check your Certificate of Eligibility (COE) for exact entitlement and funding fee exemption status.
Speak with a VA-approved lender to get personalized rate quotes and a full pre-approval.

Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, legal, or tax advice. VA rules, funding fee rates, and lending guidelines change over time. Always verify details with the U.S. Department of Veterans Affairs and a qualified mortgage professional.